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华住(01179.HK)港挂牌前夕遭沽空机构指财务报表造假
阿思达克 09-22 08:44
华住(01179.HK)今早挂牌,沽空机构博力达思(Bonitas Research)发表沽空报告,指华住谎报其酒店投资组合的所有权,以制造虚假财务报表,相信其实际财务表现将致股价大幅下跌,沽空华住。华住周一美国ADS盘中一度跌逾6%至39.17美元,收市报40.48美元,跌3.7%。

沽空机构博力达思指在北京及上海的实地调查发现,华住秘密支持特许经营酒店的运营成本,这些特许经营酒店由未披露的现华住员工和其他未披露关联方拥有。报告引述酒店经营许可证显示,华住集团秘密控制了共1,952家酒店,占约35%;而华住自称只运营688家酒店,占约12%。

报告并指,截至去年底,中国商务部的特许经营登记显示华住旗下共有3,020间独立特许经营商,少於华住报告的4,930家管理和特许经营酒店。中国国家工商行政管理局记录显示,华住在美国证券交易委员会报告中起码少报至少16%雇员人数。机构认为华住利用未披露的关联方交易隐瞒经营费用,人为夸大华住的报告利润,并计算出虚假利润在其去年底资产负债表上以20亿元人民币(下同)的虚假厂房及设备呈现。去年底华住报告每间客房的净虚假厂房及设备为54,502元,惟47份不同的华住酒店的信用报告显示,华住每间客房的实际净厂房及设备仅得一半,与其中国国内直接竞争对手一致,亦与华住最大的运营子公司之一保持一致,及与汉庭酒店品牌首席执行官徐皓淳於8月21日的访问一致。

报道引述调查显示,华住批准的酒店建筑承包商名单中包括多名未披露的现任华住员工。两间未披露的关联方承包商的信用报告显示,其收入可观却没有利润或资产,相信是被用作通过建筑成本洗刷虚假现金的幌子。机构认为,华住真实所获得的利润及厂房及设备资产均大大低於上交给美国证监会及联交所的申报。

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